Moving Up, page-6

Per my earlier post, I am not surprised that this failed at its first attempt at bust through that 2 year resistance line. From a charting standpoint, that first attempt coincided with the end of a 5 wave upwards move per Elliott Wave (Wave 1) and we are now in the corrective Wave 2.

Yesterday it hit and then bounced off the Fib 61.8 correction line (which is my "go to" level of correction I generally look for in Wave 2). If it can follow through with strong positive price action then I think we have commenced the next upwards move with a target of 1.62x Wave 1 = 1.62 x 12c = +19c (so 19c + 42.5c low = 61.5c).

However, if the price action from this bounce is weak, I would then be looking for this head back down to bottom out at the 78.6% Fib level of circa 41.5c.